Representative Danny K. Davis Introduces Legislation to Spur Economic Development in Real Estate

-

Washington, D.C. – March 16, 2010 – (RealEstateRama) — On March 12, 2010 Congressman Danny K. Davis (D-IL), along with Representatives Peter Roskam (R-IL) and Patrick Tiberi (R-OH) introduced, H.R. 4839, a bill that will enhance economic development in underserved areas. The bill will modify Section 118(a) of the federal tax code to reflect the increased use of partnerships or Limited Liability Corporations (LLCs), an exemption already provided to corporations.

At the time of enactment of Section 118 (a) in 1954, corporations were the predominant form of business entity. Since then, the uses of partnerships and LLCs have increased dramatically. Modifying Section 118 (a) will extend a tax exemption to LLCs or partnerships provided to corporations when entering into local development contracts such as tax increment financing (TIFs).

Davis stated, “I am hopeful that the passage of this bill will encourage more development and redevelop of blight areas that would otherwise be unfeasible. As the economy begins to recover, there will be many opportunities to develop underserved markets nationwide. I am also encouraged that with this change, we can pioneer a new era of real estate development that will change many poorer inner city areas and many underserved communities.”

Contact:
Chicago Office
3333 West Arthington Street
Suite 130
Chicago, Illinois 60624
p. (773) 533-7520
f. (773) 533-7530

SHARE
Avatar

Illinois RealEstateRama is an Internet based Real Estate News and Press Release distributor chanel of RealEstateRama for Illinois Real Estate publishing community.

RealEstateRama staff editor manage to selection and verify the real estate news for State of Illinois.

Contact:

Previous articleDurbin: New Report Shows Foreclosure Crisis Has Rising Impact on Middle Class
Next articleSenator Roland Burris Announces Recovery Act Funding for Water System Improvement Projects in Illinois Communities